Interim report – second quarter of 2018

Highlights

• Consolidated revenue grew by 10% in the second quarter of 2018 to DKK 4,534 million
• EBITDA was up by 12% to DKK 399 million
• Schouw & Co. lowers its full-year 2018 guidance due to isolated challenges facing BioMar in Norway and Fibertex Personal Care in Malaysia in the second half of 2018
• Share buy-back programme of up to DKK 200 million to be initiated.

Statement by Jens Bjerg Sørensen, President of Schouw & Co.

"During the second quarter of 2018, Schouw & Co. achieved good revenue improvements that were mainly driven by larger volumes sold and by BioMar's entry to the Ecuadorian shrimp feed market. Earningswise, we achieved a relatively similar EBITDA improvement in spite of more competitive markets and generally challenging developments in prices of components and raw materials.

The segments that our companies are involved in generally continue to see good momentum. Unfortunately, we have had to lower our overall guidance for 2018 due to the outcome of contract negotiations in Norway and a weaker activity among larger customers served by Fibertex Personal Care in Malaysia. We will now focus on profitability and generating of cash flow, and over time we are expecting new volume growth."

Conference call (in English) in relation to the interim report

• Friday, 17 August 2018 at 15:00 CEST
• Phone number for participants: DK: +4535445583 // UK: +442031940544 // SE: +46856642661 // US: +18552692604

Aktieselskabet Schouw & Co.

Jørn Ankær Thomsen, Chairman
Jens Bjerg Sørensen, President, tel. +45 8611 2222

Attachment

• 2018-08-17 Schouw 2018 Q2 ENG vFinal